Currently there are 2,272 (all) active properties for sale in our MLS area.
1,470 – Residential
751 – Land
51 – Commercial
There are 415 properties in under contract status. This statistic represents 15.4% of all active and under contract properties. Our residential inventory continues to decline.
Kill Devil Hills, NC Market
Below is a chart that shows a quick snapshot of the current Outer Banks real estate market. The previous three months just happen to cover two of the most active months of the year for closed sales (May and June). Of the 88 unit sales in KDH, 66 of those sales were located on the westside of the by-pass. Kill Devil Hills westside is mainly a primary home market and is also one of the most affordable areas on the beach. In the last several years, the new construction/spec home market has exploded in Kill Devil Hills and that trend will continue with the advent of new developments. The 66 homes that sold in KDH westside sold for 3.2% of the asking price.
Corolla, NC Market
Conversely, Corolla has a very small year round population so the majority of the sales are second home and investment purchases. Nobody has to buy or sell a second home/investment home so homes take longer to sell, they usually see a few price adjustments along the way, and have a higher list price to sold price percentage. The homes in Corolla noted in the chart below sold for 4.55% less than asking price and compared to the original price of the home they sold for 8.24% less than asking.
Residential Properties Only
All types (includes single-family, condo & townhomes)
Date range: April 23, 2018 to July 23, 2018
Town Note: statistics include all areas of each town except the 4-wheel drive only area is excluded from Corolla.
The Real Estate Mantra
Location, Location, Location – the mantra of real estate sales everywhere, right? Today, condition and price will often trump location. Buyers who thought they would never purchase a home without an ocean view are suddenly reversing their course and pursuing homes that are upgraded, or newer, have all the shiny bells and whistles and no chance of a view even if you hang out the top most window. We are seeing very few buyers that are interested in updating a home and for lots of good reasons. It’s difficult to remodel a home long distance, there are too many decisions to make, and the cost can easily spiral out of control. Most buyers prefer to purchase a home with improvements and updates in place and will sacrifice an ocean view or a shorter walk to the beach to get them.
What’s your home worth in today’s market? Contact your Beach agent today. Not sure who your agent is? Give us a call at 877-621-3815, or send an email at salesinfo@beachrealtync.com and we will get you in touch with your Beach agent.